Several Nifty 500 stocks are currently trading with a Relative Strength Index (RSI) below 30, a level that technical analysts often associate with oversold conditions.
The RSI is a momentum indicator that ranges from 0 to 100. An RSI above 70 is generally considered overbought, while a reading below 30 suggests a stock may have witnessed excessive selling and could be due for a short-term rebound.
Here are six Nifty 500 stocks with RSI readings below 30.
1. SBI Cards & Payment Services Ltd
Business: Credit cards and payment services
- Closing price: ₹591.40
- Market capitalization: ₹56,277.94 crore
- RSI: 23.85
SBI Cards is among India’s largest pure-play credit card companies and operates as a subsidiary of State Bank of India.
2. Sundaram Finance Ltd
Business: NBFC
- Closing price: ₹4,120.90
- Market capitalization: ₹45,784.79 crore
- RSI: 28.98
Part of the TVS Group, Sundaram Finance provides vehicle financing, insurance and investment products.
3. GlaxoSmithKline Pharmaceuticals Ltd
Business: Pharmaceuticals and vaccines
- Closing price: ₹2,163.70
- Market capitalization: ₹36,654.38 crore
- RSI: 25.39
The company manufactures and markets prescription medicines and vaccines in India.
4. Container Corporation of India Ltd (CONCOR)
Business: Logistics and container transportation
- Closing price: ₹451.75
- Market capitalization: ₹34,406.09 crore
- RSI: 29.09
CONCOR provides multimodal logistics and container transportation services and operates under the Ministry of Railways.
5. Emami Ltd
Business: FMCG
- Closing price: ₹385.70
- Market capitalization: ₹16,935.32 crore
- RSI: 26.85
Emami manufactures personal care, health and wellness products and is known for its herbal and ayurvedic brands.
6. Patanjali Foods Ltd
Business: FMCG and edible oils
- Closing price: ₹420.70
- Market capitalization: ₹45,776.73 crore
- RSI: 28.51
Patanjali Foods operates across edible oils, foods, nutraceuticals and personal care products.
Stocks Trading With RSI Below 30
| Company | Closing Price | Market Cap | RSI |
|---|---|---|---|
| SBI Cards & Payment Services | ₹591.40 | ₹56,277.94 crore | 23.85 |
| GlaxoSmithKline Pharmaceuticals | ₹2,163.70 | ₹36,654.38 crore | 25.39 |
| Emami | ₹385.70 | ₹16,935.32 crore | 26.85 |
| Patanjali Foods | ₹420.70 | ₹45,776.73 crore | 28.51 |
| Sundaram Finance | ₹4,120.90 | ₹45,784.79 crore | 28.98 |
| Container Corporation of India | ₹451.75 | ₹34,406.09 crore | 29.09 |
What Does RSI Below 30 Mean?
Technical analysts generally view an RSI below 30 as a sign that a stock has entered the oversold zone.
However, an oversold reading does not guarantee a rebound. Stocks can remain oversold for extended periods, and traders often combine RSI with other indicators before making decisions.
TL;DR
Six Nifty 500 stocks, including SBI Cards, CONCOR, Sundaram Finance and Patanjali Foods, are trading with RSI readings below 30. Such levels are typically considered oversold and are closely watched by technical traders for potential reversals.
AI Summary
- Six Nifty 500 stocks have RSI readings below 30.
- SBI Cards has the lowest RSI at 23.85.
- CONCOR, Emami and Patanjali Foods are also in the oversold zone.
- RSI below 30 is generally considered a sign of weak momentum.
- Traders often monitor such stocks for potential short-term rebounds.
